The only reason we stopped falling was because the market bears stopped selling from the 12th march There is no support There is no formation or chart that will tell you what is happening yet We have a stock that capitulated & has to start again
We have 50m shorts (could keep increasing) that need to close & as soon as the market realises that the selling is over, they will need to cover How do we know when the selling is over? They have to take the brakes off
After our market closed, they took the brakes off & put them straight back on as soon as the US market opened Bulls never had a chance overnight
Some will see last night as a failed attempt by bulls & the selling will just start again (see if they can take out the 12th march lows) Some will see it as a backtest & a failed attempt by bears (market keeps grinding higher until bears break)
Downtrend has not technically broken yet, but we have a base to build from While I can't be certain yet, all I do know is that we have had 4 sessions for bulls to breakout & if we fail tonight, it's a big fall again back to retest lows 1 more green session & bears scramble to cover
XJO needs to close above 7910 to jump the next fence (then wait for the US session) PNV needs to hold 1.22 if bulls give up the push (failed dip) Anything above 1.27 is more comfortable
PNV Price at posting:
$1.30 Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)